Business

14 April, 18:08

Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $429,000 for extraction rights. A geologist estimates that Santa Fe will recover 6,500 pounds of turquoise. During the current year, Santa Fe extracted 1,950 pounds of turquoise, which it sold for $277,000. What is Santa Fe's cost depletion expense for the current year?

A) $85,800B) $128,700

C) $156,440

D) $429,000

E) None of these

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